First real estate property-a trial of endurance.

[Maximilian Benjamin]

This website encouraged me to take the plunge this past February and purchase a 4 unit all brick multifamily home (three units 2b/1b, one unit an efficiency) in a great area south of campus in Columbus. Purchased with tenants already in place knowing their leases were up in April-June, but hey, this is my time to...garner my own tenants...

Loan wasn't bad. It was a 30 year 3/3 ARM at 5.25% with 2 points (not fantastic either). Not too much needed to be done to the property, and although this wasn't at the 2% goal for returns, it was in a great area full of young professionals and grad students (not a lot of undergrad students in this particular area) and was specifically purchased for the long haul as a rental.

So far I've had to replace one water heater, have a leaking roof repaired due to combination of weather and "critters" (still need replace the drywall from the damaged albeit removed area) replace the sewer stack and 12 feet of pipe ingrown with roots, and now I've realized that at least two of the electrical meters are routed to the wrong unit.

I'm in contract on my second property, 15yr 3/3 ARM at 3.5% no points . "If at first you don't succeed..." http://www.biggerpockets.com/forums/56-off-topic/topics/new#